Over the past few weeks, Theravance has made headlines several times. First, the drugmaker decided to split into two companies – one that will manage respiratory drugs that comprise a partnership with GlaxoSmithKline and another that will focus on drug discovery. Then, the FDA approved its Breo inhaled treatment for chronic obstructive pulmonary disorder. Finally, Elan agreed to pay $1 billion in exchange for royalties that Theravance receives from its Glaxo deal. But then Elan shareholders voted against the move amid an unsolicited takeover bid by Royalty Pharma. Just the same, Theravance ceo Rick Winningham, not surprisingly, appeared sanguine during recent conversations about his plans.